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Thursday, March 25, 2010

Today was an interesting day and can be viewed in 2 parts. The morning saw continued strength in the market. Many leading tech companies show great strength. QCOM AMZN GOOG PCLN all stuck out. I heard many market talking heads speaking about the "melt up" market environment. I will not often try to fade a trending market however, I will try to listen to the market for clues that the momentum might be waning. Today, I noticed that LVS and WYNN were relatively weak in the morning. These stocks have been on fire as of late so the change in character caused me to be a bit cautious. Next, the TLT's were weak and after the poor 7 year auction I thought that investor might use the rise in interest rates as an excuse to take some profits. I positioned my self long IWM LVS WYNN and FAS puts to name a few. I was able to make some nice profits into the close as I started to cover when the s&p futures went negative on the day.

After each trading day I will focus and remind myself that the next trading day I will get back to center court and be ready for what the market tells me.

If you are interested in learning more about my style of trading or you are looking for some more formal coaching or teaching, please email me at info@tradingrm.com.

Have a good night.

Clues to the sell off

Today was an interesting day and can be viewed in 2 parts. The morning saw continued strength in the market. Many leading tech companies show great strength. QCOM AMZN GOOG PCLN all stuck out. I heard many market talking heads speaking about the "melt up" market environment. I will not often try to fade a trending market however, I will try to listen to the market for clues that the momentum might be waning. Today, I noticed that LVS and WYNN were relatively weak in the morning. These stocks have been on fire as of late so the change in character caused me to be a bit cautious. Next, the TLT's were weak and after the poor 7 year auction I thought that investor might use the rise in interest rates as an excuse to take some profits. I positioned my self long IWM LVS WYNN and FAS puts to name a few. I was able to make some nice profits into the close as I started to cover when the s&p futures went negative on the day.

After each trading day I will focus and remind myself that the next trading day I will get back to center court and be ready for what the market tells me.

If you are interested in learning more about my style of trading or you are looking for some more formal coaching or teaching, please email me at info@tradingrm.com.